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Diversifying Income

Three key asset classes that can help generate income in a low-yield world

Income-seeking investors continue to be challenged by paltry real yields — in the decade of the 1990s, real yields on
10-year US Treasuries averaged 3.60%. But in the decade of the 2010s, they averaged just 0.63%.1

At Invesco, we believe there are three key ingredients to an income portfolio built for today’s challenges:

Bond income

Bonds are often used as a portfolio ballast — generally offering lower volatility than equities and alternatives
like real estate, as shown in the chart. Even within a diversified income portfolio, this remains an important
function. However, there are important differences between types of bonds that income-seeking investors should
be aware of:

Investment grade versus high yield. High yield bonds have lower credit ratings in
exchange for this higher risk, they pay higher yields.

Long-duration versus short-duration. Long-duration bonds have a longer time to
maturity and are therefore more vulnerable to an increase in interest rates.

Taxable versus non-taxable. Municipal bonds are exempt from federal income tax
and may be exempt from state and local taxes.

Equity income

Dividend-paying stocks offer another source of income for investors. Some strategies focus on stocks that pay
the highest yields, and others look for companies that are growing their dividends. The path you choose depends
on your objectives and time horizon.

The chart below shows two hypothetical investments:

The “high yielders” pay a 3.5% yield with a 6% dividend growth rate.

The “dividend growers” pay a 2.5% yield with a 12% dividend growth rate.

During a time horizon of less than seven years, the high yielders generate more income. But during longer time
horizons, the higher growth rate of the dividend growers means that they are paying higher yields in the
long term.

The yield on the hypothetical investment is greater with high yielders if your horizon is less than seven
years. But the yield is higher with dividend growers after seven years.

Source: Invesco. This is a hypothetical illustration and does not represent actual product performance. A
yield of 3.5% and dividend growth rate of 6% were used on the high yielder portfolio because they are
representative of funds that are focused on dividend yield. A lower 2.5% yield and higher 12% dividend
growth rate are representative of funds that are focused on dividend growth.

Specialty income

As shown in this chart, specialty income asset classes have historically provided the highest yields of these
groups, along with the highest volatility.

This chart illustrates the diversification potential of these asset classes, based on their historical correlation with equities.

Sources: FactSet Research Systems and Salient Research. MLPs represented by the Alerian MLP Index, REITs by the
FTSE NAREIT Equity REIT Index, and private credit by the Cliffwater Direct Lending Index. For MLPs and REITs,
data is for the 10- year period ending April 30, 2019. For private credit, data begins on the index inception
date of Sept. 30, 2015, to April 30, 2019.

Non-taxable income

An actively managed mutual fund that seeks to provide a high level of current income exempt from federal
and California income tax, consistent with the preservation of capital by investing primarily in
California municipal securities rated investment grade at the time of purchase.

An actively managed mutual fund that seeks a high level of current income exempt from federal income
tax, consistent with preservation of capital by investing primarily in intermediate municipal bonds
that are investment grade at the time of purchase.

An actively managed mutual fund that seeks monthly income exempt from federal income tax by investing
primarily in short-intermediate municipal securities that are investment grade at the time of purchase.
The fund does not currently invest in securities which are subject to the federal alternative minimum
tax.

An actively managed mutual fund that seeks a high level of current income exempt from federal income
tax, consistent with preservation of capital, by investing in portfolio of long-maturity municipal
bonds.

An actively managed mutual fund that seeks a high level of current income exempt from federal, New York
state and New York City income taxes, consistent with preservation of capital by investing primarily
in New York municipal securities rated investment grade at the time of purchase.

An actively managed mutual fund that seeks to provide only Pennsylvania investors with a high level of
current income exempt from federal and Pennsylvania state income taxes and, where possible under
local law, local income and personal property taxes, through investment primarily in a varied portfolio
of medium and lower grade Pennsylvania municipal securities.

A unit investment trust that seeks above-average capital appreciation by investing in a portfolio of
stocks derived from the Standard & Poor’s 500 Dividend Aristocrats Index. This index consists
of stocks of those companies in the S&P 500 Index that have increased their actual dividend payments
in each of the last 25 years.

This ETF seeks to track the S&P 500 Low Volatility High Dividend Index, which is composed of 50 securities
traded on the S&P 500 Index that historically have provided high dividend yields and low volatility.

An actively managed mutual fund that seeks total return and typically invests in 20 to 25 MLPs. The fund
seeks the best potential long-term distribution growth and invests primarily in large-cap names.

An actively managed mutual fund that seeks total return and typically invests in a minimum of 40 MLPs.
The fund seeks to provide broad, diversified exposure to the MLP sector and seeks lower volatility
than the Invesco Oppenheimer SteelPath MLP Income Fund and the Invesco Oppenheimer SteelPath MLP
Alpha Fund.

1 Source: Bloomberg, L.P. Real yields are adjusted for inflation. 1990s data from January 1990 through December 1999.
2010s data from January 2010 through April 2019.

Index returns do not represent fund returns. An investor cannot invest directly in an index. Index proxies as follows:

Limited-term bonds: Bloomberg Barclays U.S. Aggregate 1-3 Year Index, which is designed to measure the
performance of the short-term US corporate bond market.

Conservative income: Bank of America Merrill Lynch US Treasury Bill Index, which tracks the performance
of the US dollar-denominated US Treasury Bills publicly issued in the US domestic market with a remaining term to
final maturity of less than 3 months.

Investment grade municipals: The ICE BofAML US AAA Municipal Securities Index, which tracks the performance
of U.S. dollar–denominated investment grade tax-exempt debt publicly issued by US states and territories, and their
political subdivisions, in the US domestic market and includes only securities with a credit rating of AAA.

Ultra-short duration bonds: Bloomberg Barclays 1-3 Month U.S. T Bill Index, which is designed to measure
the performance of public obligations of the US Treasury that have a remaining maturity of greater than or equal
to 1 month and less than 3 months.

Core bonds: Bloomberg Barclays U.S. Aggregate Bond Index, which is an unmanaged index considered representative
of the US investment-grade, fixed-rate bond market.

International developed bonds: FTSE World Government Bond Index WGBI (Non-USD), which measures the performance
of fixed-rate, local currency, investment-grade sovereign bonds from over 20 countries in a variety of currencies.

High yield municipals: ICE BofAML U.S. High Yield Municipal Index, which tracks the performance of below
investment grade, but not in default, tax-exempt debt publicly issued by US states and territories, and their political
subdivisions, in the US domestic market.

High yield bonds: JP Morgan Domestic High Yield Index, which is an unmanaged index of high yield fixed
income securities issued by developed countries.

MLPs: Alerian MLP Index, which is a composite of the 50 most prominent energy master limited partnerships
calculated by Standard & Poor’s using a float-adjusted market capitalization methodology.

REITs: FTSE NAREIT Equity REIT Index, which is an unmanaged index considered representative of US REITs.

Private credit: Cliffwater Direct Lending Index, which seeks to measure the unlevered, gross of fee
performance of US middle market corporate loans, as represented by the asset-weighted performance of the underlying
assets of Business Development Companies that satisfy certain eligibility criteria.

The S&P 500 Low Volatility High Dividend Index measures the performance of the 50 least-volatile
high dividend-yielding stocks in the S&P 500 Index. The index is designed to serve as a benchmark for income-seeking
investors in the US equity market.

The S&P 500 Dividend Aristocrats Index includes companies that are currently members of the S&P
500 Index, have increased dividend payments each year for at least 25 years, and meet certain market capitalization
and liquidity requirements.

The Dow Jones US Select Dividend Index tracks the performance of the 100 stocks with the highest dividend
yields on the Dow Jones US Total Market Index.

The S&P 900 Dividend Revenue-Weighted Index is an investable index that seeks to measure 60 of the
highest-yielding stocks among those with relatively lower payout ratios from the S&P 900 and weights them by
their revenues.

Important information

Diversification does not guarantee a profit or eliminate the risk of loss

Fixed-income investments are subject to credit risk of the issuer and the effects of changing interest rates. Interest
rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. An issuer may
be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering
the issuer’s credit rating. Debt securities are affected by changing interest rates and changes in their effective
maturities and credit quality.

Junk bonds involve a greater risk of default or price changes due to changes in the issuer’s credit quality. The values
of junk bonds fluctuate more than those of high quality bonds and can decline significantly over short time periods.

Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer’s ability
to make payments of principal and/ or interest. Common stocks do not assure dividend payments. Dividends are paid
only when declared by an issuer’s board of directors and the amount of any dividend may vary over time.

Investments in real estate related instruments may be affected by economic, legal, or environmental factors that affect
property values, rents or occupancies of real estate. Real estate companies, including REITs or similar structures,
tend to be small and mid-cap companies and their shares may be more volatile and less liquid.

Energy infrastructure MLPs are subject to a variety of industry specific risk factors that may adversely affect their
business or operations, including those due to commodity production, volumes, commodity prices, weather conditions,
terrorist attacks, etc. They are also subject to significant federal, state and local government regulation.

Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs
may trade on a public exchange or in the over-the-counter market. Although this provides a certain amount of liquidity,
MLP interests may be less liquid and subject to more abrupt or erratic price movements than conventional publicly
traded securities. The risks of investing in an MLP are similar to those of investing in a partnership and include
more flexible governance structures, which could result in less protection for investors than investments in a corporation.
MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these
investments may not provide attractive returns.

There is no assurance that these mutual funds will achieve their investment objectives. Funds are subject to market risk,
which is the possibility that the market values of securities owned by these funds will decline and that the value
of the fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in
these funds. Please be aware that these funds may be subject to certain additional risks. See the prospectus for
complete details about the risks associated with each fund.

There are risks involved with investing in ETFs, including possible loss of money. Index-based ETFs are not actively
managed. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Both index-based
and actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin
maintenance. Ordinary brokerage commissions apply.

The Fund’s return may not match the return of the Index.

Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Fund and tender those
Shares for redemption to the Fund in Creation Unit aggregations only, typically consisting of 10,000, 50,000, 75,000,
80,000, 100,000, 150,000 or 200,000 Shares.

Investments focused in a particular industry or sector are subject to greater risk, and are more greatly impacted by
market volatility, than more diversified investments.

Securities that pay high dividends as a group can fall out of favor with the market, causing such companies to underperform
companies that do not pay high dividends.

There is no assurance that a Fund will provide low volatility.

In general, equity values fluctuate, sometimes widely, in response to activities specific to the company as well as general
market, economic and political conditions.

There is no assurance the trust will achieve its investment objective. An investment in this unit investment trust is
subject to market risk, which is the possibility that the market values of securities owned by the trust will decline
and that the value of trust units may therefore be less than what you paid for them. This trust is unmanaged and
its portfolio is not intended to change during the trust’s life except in limited circumstances. Accordingly, you
can lose money investing in this trust. The trust should be considered as part of a long-term investment strategy
and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize
tax consequences associated with investing from one series to the next.

Before investing, investors should carefully read the prospectus and consider the investment objectives, risks, charges
and expenses. For this and more complete information about the trust(s), investors should ask their advisers for
a prospectus or download one at invesco.com/unittrust.

STANDARD & POOR’S, S&P, S&P 500 and DIVIDEND ARISTOCRATS are registered trademarks of Standard & Poor’s
Financial Services LLC (“S&P”), a wholly owned subsidiary of S&P Global. Standard & Poor’s Investment
Advisory Services LLC (“SPIAS”) is a registered investment advisor and a wholly owned subsidiary of S&P Global,
and a part of S&P Global Market Intelligence. SPIAS reviews the Invesco Capital Markets, Inc.’s investment selections
for the S&P Dividend Sustainability Portfolio. SPIAS does not provide advice to underlying clients of the firms
to which it provides services. SPIAS does not act as a “fiduciary” or as an “investment manager,” as defined under
ERISA, to any investor. SPIAS is not responsible for client suitability. Past performance is not indicative of future
returns. SPIAS, S&P and their affiliates do not sponsor, endorse, sell, promote or manage any investment fund
or other vehicle that is offered by third parties and that seeks to provide an investment return based on a SPIAS
investment strategy or the constituents or the returns of any index. SPIAS, S&P and their affiliates make no
representation regarding the advisability of investing in any such investment fund or other vehicle. With respect
to recommendations made by SPIAS, investors should realize that such information is provided only as a general guideline.
SPIAS does not take into account any information about any investor or any investor’s assets when providing its services.
There is no agreement or understanding whatsoever that SPIAS will provide individualized advice to any investor.
SPIAS does not have any discretionary authority or control with respect to purchasing or selling securities or making
other investments. Individual investors should ultimately rely on their own judgment and/or the judgment of a financial
advisor in making their investment decisions. There is no assurance that future dividend payouts will equal or exceed
past dividend payouts. Standard & Poor’s parent company, S&P Global, may be one of the constituents of the
S&P 500 Dividend Aristocrats Index and may be included in the portfolio based solely on quantitative measurements.

The information on this site does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial advisor/financial consultant before making any investment decisions.